The stock of Empire Resorts fell 54 percent on Monday after the Bureau of Indian Affairs rejected the St. Regis Mohawk Tribe's off-reservation casino in New York.
The stock (NYNY) closed at $1.42, its lowest since 2002. It was all due to the Bush administration's rejection of the casino under a new policy that virtually eliminates any chance of off-reservation gaming.
Empire owns the Monticello Gaming & Raceway. That's the facility the Mohawks want to turn into a $600 million Class III facility.
The BIA, however, said the gaming site was too far from the Mohawk reservation -- over 300 miles -- to benefit tribal members [PDF: Letter]
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Empire Resort stock plummets
(The Middletown Times Herald-Record 1/8)
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